WASHINGTON (dpa-AFX) - Contract electronics manufacturer Jabil Circuit Inc. (JBL), Wednesday reported an increase in profit for the second quarter, driven largely by growth in revenues. However, Jabil's earnings and revenues for the quarter fell short of Wall Street estimates, sending shares down by 7 percent in the after-hours trade.
St. Petersburg, Florida-based Jabil's second-quarter profit rose to $78.9 million or $0.41 per share from $52.0 million or $0.27 per share last year.
Excluding one-time items, core earnings for the quarter rose to $109.3 million or $0.57 per share from $98.3 million or $0.50 per share last year. Analysts polled by Thomson Reuters expected earnings of $0.60 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues for the quarter rose 2 percent to $4.4 billion from $4.3 billion a year ago. Analysts had a consensus revenue estimate of $4.5 billion for the quarter.
'I'm pleased to report second quarter results that were largely in line with our guidance and expectations,' said CEO Mark Mondello. 'The performance of our EMS segment was outstanding and above expectations, while our DMS segment grew modestly as we faced a slight downturn in product demand late in our fiscal quarter specific to our mobility business.'
Looking forward to the third-quarter, Jabil expects adjusted earnings of $0.12 to $0.18 per share and revenues of $4.1 billion to $4.3 billion. Analysts currently estimate earnings of $0.51 per share on revenues of $4.75 billion.
For the full year 2016, Jabil now expects adjusted earnings of about $2.12 per share and revenues of $18.5 billion. Analysts currently estimate earnings of $2.60 per share on revenues of $19.71 billion.
Previously, Jabil expected adjusted earnings of around $2.65 per share and revenues of about $20 billion for 2016.
JBL closed Wednesday's trading at $21.96, up $0.55 or 2.57%, on the NYSE. The stock, however, dropped $1.54 or 7.01% in the after-hours trade.
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